How To Use ChatGPT In FX Markets?
Hi all,
I Recently discovered an amazing method to use ChatGPT for forex trading. ChatGPT as you know is an AI engine that can be used for various things in our daily life. Writing emails, Rewriting articles, Tidying up speeches and much more.
I find it tough sometimes to understand what the bank statements are trying to tell us when they are released, especially with Western banks such as the FED, BOE, and EU. They can be very repeatable but make minor tweaks in their policies. It is important to read these statements as they give you a clue about the bank’s current and future path. Which investors use as a measure to buy or sell the currency. This gives us an extra edge to understand what might happen to the currency in the coming weeks or months.
How ChatGPT can help us here is I paste the whole speech from the statement and ask it to summarise or briefly explain the statement in simple words. So it will go something on lines of, Summarise this statement from the BOE, or Briefly explain this statement, or explain it to me as a 15-year-old kid. You will be surprised how effective this is. Most of us fear fundamentals and back away as we don’t want to read too much or don’t know how to make sense of it. But don’t worry, ChatGPT is here.
Of course, ChatGPT is one of the AI engines you can use, but there are many out there that you can use as an alternative, such as Grok, Microsoft Copilot, Claude, Google Gemini, Perplexity AI, Jasper AI and many more. They all do the same job.
Now, when I was sleeping, a thought came to my mind: What if I told ChatGPT to tell me whether the bank’s statement was bullish or bearish for the currency? Would it do that?
The Answer is YES!
I was amazed again. I put in the same statement and asked if the Fed is bullish on USD in the following statement.:
It did it. It basically gave me a breakdown of the speech, telling me whether it was bullish, bearish, or neutral and why. I nearly flipped the table! It was like I discovered something that someone might not have thought of just yet. Well, I bet someone has thought about it already, but for me, this was new.
Let me know in the comments if you have already tried this.
Of course, this is just an AI Engine, I’m only using this to help me understand the markets I am trading better. It doesn’t mean you bet your house on the decision a computer is calculating. Also, it doesn’t mean I buy the currency just because ChatGPT is telling me to. We have to look at the charts and see if what it says is actually reflected in there. We still have to find our multiple reasons to enter a trade. I thought to share this with you all as some of you, I understand, might not be into fundamentals too much and don’t bother reading the statements as you won’t find much value or just don’t do it as it is extra work. So here is a lazier option.
THANK ME LATER!
Okay, enough of talking, let me show in the video below:
Kind regards,
Ashley
